RATE Group | Bitcoin Suffers Biggest Weekly Loss
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Bitcoin Suffers Biggest Weekly Loss

27 Sep Bitcoin Suffers Biggest Weekly Loss

Posted at 09:45h in Bitcoin News by

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*Bitcoin isn’t far from its 200-day moving average 
*The RSI sends a strong buy signal 

Bitcoin price has dropped over 20% this week, a substantial drop. We have not seen this sort of weakness since November 2018. This particular move was long coming because the price failed to cross above the 50-day moving average during its recent battles with this average. From this, tt was pretty clear that the path of the least resistance is skewed to the downside.
 
Looking at the price action, it seems that the price is finally ready to break it 4 consecutive days of losses today. The current upward push in the price is mainly due to the significance of the 200-day moving average. Currently, the price is trading at $8,017 and the 200-day moving average which is at $7,032.   
 
As mentioned previously, the relative strength index on the daily time frame has dropped in oversold territory. The extreme oversold reading of the RSI is usually associated with a mean reversion trade- meaning a…

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